BidaskClub Upgrades Neogen (NASDAQ:NEOG) to “Strong-Buy”

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BidaskClub upgraded shares of Neogen (NASDAQ:NEOG) from a buy rating to a strong-buy rating in a research report report published on Friday, BidAskClub reports.

NEOG has been the subject of a number of other reports. Craig Hallum lifted their price objective on shares of Neogen from $72.00 to $78.00 and gave the stock an in-line rating in a research report on Wednesday, July 24th. Zacks Investment Research cut shares of Neogen from a hold rating to a sell rating and set a $68.00 price objective for the company. in a research report on Friday, June 21st. Guggenheim began coverage on shares of Neogen in a research report on Thursday, May 23rd. They set a neutral rating for the company. Finally, ValuEngine raised shares of Neogen from a hold rating to a buy rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $73.00.

NASDAQ:NEOG opened at $68.71 on Friday. Neogen has a 1-year low of $50.60 and a 1-year high of $97.38. The firm has a fifty day moving average price of $64.31. The company has a market capitalization of $3.67 billion, a PE ratio of 61.12, a PEG ratio of 5.78 and a beta of 1.38.

Neogen (NASDAQ:NEOG) last released its earnings results on Tuesday, July 23rd. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.02. Neogen had a net margin of 14.53% and a return on equity of 9.86%. The business had revenue of $109.80 million during the quarter, compared to analysts’ expectations of $110.14 million. During the same period last year, the business earned $0.33 earnings per share. The firm’s revenue was up 1.6% on a year-over-year basis. Analysts anticipate that Neogen will post 1.22 EPS for the current fiscal year.

In other news, Director James L. Herbert sold 15,000 shares of Neogen stock in a transaction on Monday, May 20th. The stock was sold at an average price of $59.05, for a total transaction of $885,750.00. Following the completion of the sale, the director now owns 671,484 shares of the company’s stock, valued at $39,651,130.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James L. Herbert sold 10,499 shares of Neogen stock in a transaction on Monday, July 29th. The stock was sold at an average price of $70.30, for a total value of $738,079.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,709 shares of company stock valued at $8,531,903. Company insiders own 3.00% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC acquired a new stake in shares of Neogen during the second quarter worth $25,000. Brand Asset Management Group Inc. acquired a new stake in shares of Neogen during the first quarter worth $39,000. Manchester Capital Management LLC lifted its holdings in shares of Neogen by 105.6% during the first quarter. Manchester Capital Management LLC now owns 590 shares of the company’s stock worth $34,000 after buying an additional 303 shares in the last quarter. Buffington Mohr McNeal acquired a new stake in shares of Neogen during the first quarter worth $43,000. Finally, First Hawaiian Bank lifted its holdings in shares of Neogen by 116.6% during the first quarter. First Hawaiian Bank now owns 1,005 shares of the company’s stock worth $58,000 after buying an additional 541 shares in the last quarter. 90.33% of the stock is owned by institutional investors.

About Neogen

Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment primarily offers diagnostic test kits and complementary to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test for adenosine triphosphate, a chemical found in living cells.

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